Editing Mexican peso (section)

====Devaluations in 1976 and 1982====
The U.S. dollar leapt from 12.50 to 19.40 pesos in 1976.  After the [[1979 energy crisis|oil crisis]] of the late 1970s, Mexico defaulted on its external debt in 1982, causing severe [[capital flight]] and several years of inflation and devaluation. The dollar again rose from 23 to 150 pesos that year,<ref>{{cite web|url=https://bfi.uchicago.edu/wp-content/uploads/The-Case-of-Mexico.pdf|title=The Case of Mexico|author=Felipe Meza|date=January 2019|website= Becker Friedman Institute for Economics at University of Chicago |url-status=live |archive-url=https://web.archive.org/web/20230418042339/https://bfi.uchicago.edu/wp-content/uploads/The-Case-of-Mexico.pdf |archive-date= Apr 18, 2023 }}</ref> causing any company with loans in USD and contracts in MXP to have their financial position weakened by the devaluation, the result becoming high unemployment and pressure on remaining employees to pick up the increased workloads and putting strain on economic hardships.<ref>Joan Anderson and Roger Frantz, “The Response of Labour Effort to Falling Real Wages: The Mexican Peso Devaluation of February 1982", World Development 12, no. 7 (1984): 764.</ref> Government attempts to fix the economy with an inward-looking industrialization strategy were only sustainable with severe economic imbalances that needed large inward capital flows that could not be maintained, and an abrupt process of stabilization and adjustment followed that saw a recession in 1983,<ref>Moritz Cruz, Edmund Amann, and Bernard Walters, “Expectations, the Business Cycle and the Mexican Peso Crisis", Cambridge Journal of Economics 30, no. 5 (2006): 706.</ref> stabilizing only in the early 1990s at above 3,000 MXP/USD when a government economic strategy called the "Stability and Economic Growth Pact" ''(Pacto de estabilidad y crecimiento económico, PECE)'' was adopted under [[President of Mexico|President]] [[Carlos Salinas]].